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Austerity plans will prevent governments in Europe from boosting 2012 sales through scrappage programs and other incentives offered in previous years. European sales are expected to be flat or down slightly, to just over 19 million units, according to Polk.
Volumes grew by more than 100% in markets including Australia, Thailand, Brazil, Turkey, Malaysia, and Mexico in 2023 and more than 50% in India and Japan. This was calculated assuming normal scrappage rates. This equated to respective growth of 90.9% Despite this, the combined EV share in the non-Triad region was only 3.6%
Assuming normal scrappage rates, EV Volumes forecasts it will take until 2042 for half the global fleet to be electric. Thailand, for example, has lowered the interest rate for automotive loans. billion light vehicles on the road today. This is due to weakness in countries including Japan and South Korea.
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